taxes

As President Trump took office on Nov. 8, 2016 the United States had the third highestgeneral corporate income tax rate in the world, at 39.1% and the highestcorporate tax rate of any developed country. Cutting taxes was one of President Trump's many promises. Theoverall tax ratefor single American workers was 32% and for married couples was 21% and Americans on average spend moreon taxes than they did on food and clothingcombined. It should also be known that state and local income, sales and property taxes all hit record highsin 2017 for the US government. Also the latest report shows thetop 20% of income earners pay 94.8% of all income taxes. Thelastmajor tax reform in America was in 1986. What will President Trump do to change these concerning numbers?

*UPDATE: Trump passed a historic and largest tax overhaul in American history. The $1.5 tax cut plan (that 143 million Americans will get) includes decreasing corporate taxes from 35% down to 21% for all (including small) businesses, decreasing the alternative minimum tax, decreasing personal income taxes for all tax brackets, decreasing the estate/death tax, doubling of the child tax credit, increasing the standard tax deduction and eliminating the Obamacare mandate tax. 90% of Americans will see more money in their paycheck. In fact since the tax reform passed, more than 700 companies have announced more jobs, more bonuses, higher wages, charitable giving, and new investments in the U.S.

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4/21/17: Trump signed a presidential executive order on identifying and reducing tax regulatory burdens. The order directs Secretary of Treasury Steve Mnuchin to review within 60 days all tax regulations put in place in 2016 and 2017 that put an "undue financial burden on United States taxpayers.

9/27/17: Promising a “middle class miracle,” President Donald Trump was in full salesman mode as he tried to build momentum behind his plan to overhaul the nation’s tax code. Hours after the White House and congressional Republicans released a framework for sweeping changes to the tax system, the president told hundreds of supporters at the Indiana State Fairgrounds the plan was “a once-in-a-generation opportunity.”

​​​10/26/17: The Trump administration, after years of litigation, has settled lawsuits with Tea Party and other conservative groups who say they were unfairly targeted by the IRS under the Obama administration (known as the IRS targeting scandal). Attorney General Jeff Sessionsannounced that the Justice Department had entered into settlements with Tea Party groups whose tax-exempt status was significantly delayed by the IRS dating back to 2013, “based solely on their viewpoint or ideology.” The settlements involve payments to the plaintiffs and an apology from the IRS. The Trump administration also officially apologized to the American citizens for the IRS illegally targeting conservatives. The IRS has finally admitted to unfairly, and illegally, targeting conservative groups during the Obama administration.

​11/27/17: 137 economists signed an open letter to Congress, supporting Trump's tax plan stating it will result in more jobs, higher earnings, and a better standard of living.

12/20/17: President Trump, with the support of his Republican party, pushed through a historic and largest tax overhaul in over 30 years. The $1.5 trillion tax cut plan includes decreasing corporate taxes from 35% down to 21% for all (including small) businesses, decreasing the alternative minimum tax, decreasing personal income taxes for all tax brackets, decreasing the estate/death tax, doubling of the child tax credit and increasing the standard tax deduction and eliminating the Obamacare mandate tax. Not oneDemocrat voted for the bill.

12/20/17: Hours after the tax cut bill was confirmed several companies including AT&T Inc (T.N), Wells Fargo & Co (WFC.N) and Boeing Co (BA.N) announced more pay and higher bonuses for workers and more investment in training. At least 300 companies have announced tax reform bonuses, pay raises, or 401(k) hikes so far.

​1/12/18: The U.S. Treasury and the IRS confirmed that 90% of wage earners will likely see higher take-home pay.

6/7/18: The number of electric, gas and water utilities cutting customer charges due to the recently passed Trump tax cut plan has passed 100, and the total savings is about $3 billion.

7/25/18: Since tax reform passed, more than 700 companies have announced more jobs, more bonuses, higher wages, charitable giving, and new investments in the U.S.

9/16/18: IRS announced it will end amnesty for offshore tax cheats. On Sept. 28, the Internal Revenue Service will end the offshore account amnesty program.

10/15/18: The federal government collected a record $1,683,537,000,000 in individual income taxes in fiscal 2018. Many opponents to the Trump tax cuts argued the government would lose revenue and therefore increase the deficit. This did not happen.

12/24/18: The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019.

2/13/19: The federal government collected a record $1,665,484,000,000 in individual income taxes in calendar year 2018.